Toyo Releases Latest Financials

Toyo Tire & Rubber Co., Ltd. has presented details of its consolidated business results for the first three quarters of fiscal year 2006 (from April 1, 2006 to December 31, 2006). Compared with the same period during the 2005 fiscal year, net sales increased to 240,807 million yen (£1.022 billion), up 5.9 per cent. Operating income decreased 35,5 per cent to 8,322 million yen (£35 million), ordinary income decreased to 5,767 million yen (£24.4 million), down 53 per cent, and net income rose to 8,570 million yen (£36.4 million), an increase of 31.8 per cent.

Specific results for the company’s tyre division were as follows: original equipment tyre sales stayed at the same level as the previous year due to decreased production of car models equipped with Toyo’s products, while domestic automobile production increased.

In the Japanese domestic market, replacement tyre sales also stood at the same level as in the previous year, reflecting slow demand, especially for summer tyres, despite the launching of new snow tyres and vigorous attempts to boost the sales of high-value-added products.

Meanwhile, overseas sales outstripped the previous year’s figures. This occurred in part from the yen weakening further from the previous year’s level. As a result, Toyo’s tyre segment registered net sales of 165,363 million yen (£702.4 million), up 8.2 per cent year-on-year, and an operating income of 7,458 million yen (£31.7 million), down 40.5 per cent year-on-year.